HERNO-BNasdaq StockholmBeverages - Wineries & DistilleriesIFRS · SEK

Hernö Gin

Hernö Gin is a Swedish craft gin company built around its distillery in Dala/Härnösand and a portfolio of premium gin brands. The business combines spirit production with branded hospitality and visitor experiences through its distillery, bar concepts, and Hernö Gin Hotell interest.

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Revenue47.4m SEK
−5.8 %y/y
Operating profit (EBIT)3.5m SEK
−22.0 %y/y
EBIT margin7.3%
−1.5 ppy/y
Net income4.4m SEK
−10.8 %y/y

Fiscal year 2025 · change from previous year

Development 2023–2025

0204060m SEK2023: 51 m SEK2023: EBIT 9.8 m SEK20232024: 50 m SEK2024: EBIT 4.4 m SEK20242025: 47 m SEK2025: EBIT 3.5 m SEK2025TTM 2026: 54 m SEKTTM 2026: EBIT 2.1 m SEKTTM542.1
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Gin sales59 %

Bottled gin products sold in Sweden, export markets, and travel retail.

Visitor operations41 %

Revenue from distillery visits, bars, and destination experiences.

Customers

Hernö Gin sells to consumers who buy premium gin through Systembolaget, travel retail channels, and selected export markets. It also serves guests who visit the distillery, bars, and hotel-linked experiences, where the brand is introduced through tasting and hospitality. Distribution partners and on-trade accounts are important intermediaries in Sweden and abroad.

Swedish retail consumers

Buy Hernö Dry Gin, Hernö Old Tom Gin, and other core products through Systembolaget for home consumption.

Export market consumers

Buy through local distributors in selected foreign markets where brand awareness must be built market by market.

Travel retail customers

Purchase gin in airport, ferry, airline, and border-shop channels where premium gifting and impulse buying matter.

Hospitality and on-trade guests

Experience the brand in bars and restaurants, supporting trial, visibility, and repeat purchase.

Visitors and destination guests

Visit the distillery, brand bars, and hotel-linked experiences to sample products and engage with the brand.

Strategy

Hernö Gin focuses on premium positioning, selective international expansion, and a tighter link between product sales and destination experiences. The company uses its distillery, bars, events, and hotel-related ecosystem to deepen brand engagement and support demand for its core gin range. It also emphasizes long-term brand building, distributor partnerships, and sustainability-led product and packaging choices.

Premium brand buildingLong term

The business depends on consumer willingness to pay for quality gin and brand identity.

Experience-led growthMedium term

Visitor operations create direct brand contact and support repeat purchases.

Selective export expansionMedium term

Foreign markets offer growth but require distributor support and brand investment.

Sustainability and packagingShort term

Eco-friendly inputs and lighter recycled-glass bottles reinforce the premium story.

Geography

The company is rooted in Sweden, where its distillery, core retail presence, and brand-building activities are centered. It also sells in selected overseas markets and in travel retail, using local distributors to reach consumers outside Sweden. Geography matters because the Swedish market provides brand strength, while export markets require more marketing and distributor support to build recognition.

Risks

The main business risk is dependence on brand strength, since premium gin competes against cheaper alternatives and consumer trade-down can reduce demand. Export growth also depends on distributor execution and local brand awareness, while hospitality and visitor revenue can be sensitive to travel, tourism, and consumer spending patterns. As a spirits business, it also faces input, regulatory, and channel risks tied to alcohol distribution and premium consumer trends.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Premium demand weakness and trade-down1Export brand-building risk2Channel and tourism sensitivity3Distributor dependence4Product concentration5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Premium demand weakness and trade-downImpact: HighLikelihood: High

    Consumers may choose lower-priced spirits when spending becomes more cautious.

    Exposure: Core gin sales in Sweden and abroad

  2. Export brand-building riskImpact: HighLikelihood: Medium

    The brand is less established outside Sweden, so awareness and conversion are harder to build.

    Exposure: Selected foreign markets and travel retail

  3. Channel and tourism sensitivityImpact: MediumLikelihood: High

    Visitor operations and travel retail depend on footfall, travel flows, and consumer activity.

    ExposureBarsDistillery visitsFerriesAirports
  4. Distributor dependenceImpact: MediumLikelihood: Medium

    Foreign sales rely on local partners for marketing, sales, and market access.

    Exposure: International markets

  5. Product concentrationImpact: MediumLikelihood: Medium

    A large share of volume comes from a small number of core gin labels.

    Exposure: Hernö Dry Gin and Hernö Old Tom Gin

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Accounting

Judgemental items
Revenue mix between product sales and visitor operations

The company reports two major revenue streams, and their mix affects margins and comparability across periods.

Impact: Gin sales vs visitor operations

Seasonality and destination traffic

Bars, distillery visits, and hotel-linked activity can vary materially by season and events.

Impact: Quarterly revenue and operating leverage

Depreciation and capitalization of hospitality assets

Fit-outs, buildings, equipment, and website assets create ongoing depreciation and amortization.

Impact: Reported operating profit and asset carrying values

Equity-accounted interest in Hernö Gin Hotell

The hotel is described as an associated company, which may affect how income and assets are recognized.

Impact: Share of profit/loss and investment valuation

Impairment of long-lived assets

Brand bars, distillery-related assets, and digital assets depend on future cash generation and brand traffic.

Impact: Potential write-downs if expected cash flows weaken

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Last updated: 24/09/2026

Hernö Gin (XSTO) – Beverages - Wineries & Distilleries | Financial Analysis – Clarifo